Singapore-based commodities firm Olam International is seeking to sell shares worth about $602 million to fund future acquisitions, Reuters reports. Olam will offer about 94.4 million shares to institutional investors and 94.4 million shares to Singapore state investor Temasek at $ 2.1 per share.
The firm will also issue 97.29 million shares to existing shareholders at $2 a share on the basis of one new share for every 22 shares held. JP Morgan, Credit Suisse, HSBC and Standard Chartered have been appointed as joint bookrunners for the offering.
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